Riverside retail building fetches $5.3 million

Originally Published: IE Business Daily

An 18,000-square-foot freestanding building in Riverside occupied by a Grocery Outlet Bargain Market has been sold for $5.3 million.

The year-old property at 3490 Madison St. next to the 91 Freeway, was sold to a Newport Beach physician whose name was not released, according to SRS Real Estate Partners’ National Net Lease Group.

SRS Lease Group represented the seller, a Newport Beach-based private developer who also asked to remain anonymous. The buyer was represented by Marcus & Millichap.

“New construction assets with a successful grocery tenant are in high demand from investors, and this offering was no exception,” said Patrick Luther, managing principal with SRS Lease Group, in a statement.

Grocery Outlet Bargain Market has a 15-year lease on the building, which occupies nearly two acres at Madison and Garden streets. It’s part of Madison Plaza shopping center, which is anchored by 24 Hour Fitness.

Several other national retailers, including Ross Dress for Less, Home Depot and Dollar Tree are nearby. More than 284,000 people live within a five-mile radius of the property, according to the statement.